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Small fib on loan request

Frequent Contributor

Small fib on loan request

I got approved on a loan. I overstated my salary by 5k, I make 65k. They then asked for my pay stub after approval. Will I get denied now?

Message 1 of 8
7 REPLIES
Valued Contributor

Re: Small fib on loan request

$5k shouldn`t cause an issue.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 2 of 8
Valued Contributor

Re: Small fib on loan request

If they do question it just tell them you made an error in calculating your paycheck to yearly salary. Unless you were really on the edge for debt to income it shouldn't be any issue.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Message 3 of 8
Senior Contributor

Re: Small fib on loan request


HoldingOntoHope wrote:

If they do question it just tell them you made an error in calculating your paycheck to yearly salary. Unless you were really on the edge for debt to income it shouldn't be any issue.


+1

 

It is actually a common mistake so I am sure it wont be the first time they have dealt with it. You should be good to go as long as, like HoldingOntoHope said, your DTI is not straddling the line

Message 4 of 8
Frequent Contributor

Re: Small fib on loan request

Yeah, the guy said it wouldn;t matter to the bank.

Message 5 of 8
Valued Contributor

Re: Small fib on loan request

or just say that other 5k is from another source of income. just like when you apply for a credit card it asks for all income including any other source
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 6 of 8
Senior Contributor

Re: Small fib on loan request


Luscher wrote:
or just say that other 5k is from another source of income. just like when you apply for a credit card it asks for all income including any other source

Probably not the time to double down on lying since they are asking for income verification.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 7 of 8
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Established Contributor

Re: Small fib on loan request


Walt_K wrote:

Luscher wrote:
or just say that other 5k is from another source of income. just like when you apply for a credit card it asks for all income including any other source

Probably not the time to double down on lying since they are asking for income verification.


I laughed at this one.

Message 8 of 8